Deutsche Traders Knew Libor-Rigging Was Illicit, Jury Told

By Stewart Bishop (October 15, 2018, 10:17 PM EDT) -- Prosecutors on Monday began their final pitch to jurors in the Libor-rigging trial of former Deutsche Bank traders Matthew Connolly and Gavin Black, saying trial evidence proves the pair abused the German lender's position to cash in by gaming the benchmark interest rate.

A jury of seven men and five women heard the bulk of closing arguments in the case against Connolly and Black, who are facing fraud and conspiracy charges for allegedly influencing Deutsche Bank's Libor submissions in the mid- to late-2000s so as to boost their derivatives trades tied to the lending benchmark.

The widely used benchmark rate —...

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